A decision this week from U.S Court of Appeals in Philadelphia provides good reason for directors to resign from poorly managed companies to avoid personal liability, even if someone else is making the mistakes. The case indirectly stands for the …
The Archdiocese of Saint Paul & Minneapolis is the 12th U.S. diocese to seek bankruptcy protection to deal with sexual-abuse claims. The Chapter 11 filing on Jan. 16 in St. Paul follows legislation passed by Minnesota in May 2013 that …
Whether Garlock Sealing Technologies LLC, plaintiffs’ lawyers, or both are responsible for suppressing evidence related to asbestos claims against an EnPro Industries Inc. unit is a question to be decided Dec. 4 at a hearing in U.S. Bankruptcy Court in …
Former officers and directors of MF Global Holdings Ltd. have already spent more than $48 million defending themselves from lawsuits, a sum U.S. Bankruptcy Judge Martin Glenn called “staggering” considering examinations under oath haven’t even begun. In a 23-page opinion …
Syncora Guarantee Inc., an opponent of Detroit’s municipal debt-adjustment plan, saw a legal strategy backfire when a judge ruled that the company made “scandalous and defamatory” allegations about the local chief U.S. district judge and mediator in the city’s bankruptcy. …
Freedom Industries Inc., whose leaking chemical tank made much of West Virginia’s water undrinkable early this year, filed a proposed Chapter 11 plan this week that offers nothing to people with claims for polluted water. Instead, proceeds from a settlement …
The official committee representing creditors with asbestos claims against Garlock Sealing Technologies LLC will urge its constituents to vote against the company’s reorganization plan, even though Garlock said it pays claimants in full. The official representative of future asbestos claimants, …
The Fontainebleau Las Vegas LLC bankruptcy trustee may never win court approval for an $83.3 million settlement of lawsuits against former officers, directors and managers. U.S. Bankruptcy Judge A. Jay Cristol in Miami handed down an opinion on July 11 …
The three former top executives at Dewey & LeBoeuf LLP, indicted by the Manhattan district attorney for falsely portraying the failing law firm’s financial condition, are using the criminal proceedings to halt a lawsuit by an insurance company that bought …
Lawsuits against Freedom Industries Inc., whose leaky chemical tank polluted drinking water in West Virginia, were transferred from bankruptcy court to federal district court in Charleston last week to “assure efficient case administration.” On Jan. 9, eight days before the …
